Stevens outstrips rivals with PEP hike

South East firm Stevens & Bolton has recorded profit per equity partner (PEP) of £280,000, one of the highest PEP figures in the region.

The figure is an increase of more than a fifth on last year’s £230,000 and puts the firm ahead of regional rivals.

Turnover increased by a more typical 12 per cent, from £11.3m to £12.5m.

Managing partner Richard Baxter attributed the high PEP to organic growth and said 2005-06 was a strong year for the firm’s corporate team, with growth in its employment and pensions and dispute resolution groups.

Referring to a “PQE gap”, Baxter admitted that the firm has only promoted one associate in the past 12 months, namely real estate lawyer Andrew Steele.

However, Baxter added that the gap has now closed and that there will be a greater number of promotions in 2006-07.